Old peso bills to lose value by January

By: Victor Anthony V. Silva December 20,2016 - 12:31 PM
BSP

BSP

CEBU CITY–The Bangko Sentral ng Pilipinas (BSP) has reminded the public anew to have their old banknotes exchanged for new ones because these will no longer hold value by Jan. 1, 2017.

Lawyer Leonides Sumbi, BSP Cebu Central Visayas director, said New Design Series (NDS) notes may only be exchanged for New Generation Currency (NGC) notes until on Dec. 29 since both Dec. 30 and 31 are non-working holidays.

“If they can’t have that exchanged by then, then banks won’t accept the old notes after,” she told a news conference at the BSP Cebu regional office along Osmeña Boulevard in Cebu City on Tuesday.

There are exemptions to the deadline.

Among them were the authorized agent banks, and city, municipal, and provincial treasurers who have until March 31, 2017 to exchange their old banknotes.

Clerks of court handling NDS notes as evidence in a criminal cases have six months from the termination of the case to have these notes exchanged.

Overseas Filipino Workers (OFW) and overseas Filipinos (OF) have until Dec. 31 this year to register with the BSP online for an extension and will be given a year after registration to exchange their old notes.

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